Dublin City Council is to lose €2bn in assets with the transfer of services to Irish Water.
While at the same time, it'll remain liable for hundreds of millions in pensions for staff who are transferring to the quango.
"[We] will be made to sign a service level agreement which will compel city council to continue to provide water services, and we will be left with a significant pension liability of more than €330m," said Mary Fitzpatrick of Fianna Fáil.
"The Minister is taking the assets which should fund the payment of our liabilities, but he's not allowing us to hold on to our assets."
Councillors say the Environment Minister did not attend an emergency meeting called last night to address the issue.